Consolidate your super

19-Feb-2016

Consolidating your superannuation accounts could save you time and money. If you’ve ever changed jobs, chances are you may have more than one superannuation account.

Why should I consolidate?

Having more than one super account is not only confusing, it may also make it hard for you to see just how much super you’ve got. Consolidate your super and you’ll:

See your super picture more clearly

You’ll know exactly how much super you have and can rest assured that none of your super is lost, so you‘re not missing out on any of your hard-earned savings.

Control your position

By watching one balance, it will be easier to manage your investment strategy and reach your retirement goals.

Pay just one set of fees

One super fund means one set of fees, not several, which may make a significant difference to your retirement savings over time.

Save time

With just one set of paperwork you can concentrate on watching your super’s progress.

Consolidate in 2 simple steps

1. Locate your other super funds

You can refer to any superannuation statements or letters you have received from other funds. You will need:

  • The name of the fund
  • The fund’s ABN and/or Unique Superannuation Identifier (USI)
  • Your member number

If you have lost your paperwork, or are unsure which funds hold a super account balance for you, we can help you find it.

Simply log in to your Member Online account and go to the Personal Details page, which you will find when you click on the ‘Member’ tab. Make sure we have your Tax File Number (TFN) and then tick the box ‘I authorise VISSF to use my TFN to search on my behalf’. This will give us authority to search for your super with the Australian Taxation Office (ATO). Once we’ve completed the search we will let you know the result. Note you are not charged anything for this service.

2. Combine your accounts

We can do this for you. And the good news is, in most cases, it can be completed in as little as three days with no need for paperwork.

Simply log in to Member Online and go to the ‘Consolidate Super’ tab to fill in the details for the funds you wish to combine.

But before you bring it all together, check if you will be charged any fees by your other super funds or whether you will lose any benefits such as insurance.

From here, we’ll do the rest and will let you know when your accounts have been transferred.

Consolidate over the phone

It’s now even easier to bring all your super accounts together.

Not only can you combine your super accounts electronically using our Member Online portal, you can now call our Client Services Team and ask them to consolidate your super over the phone.

This is a great service for busy people - you can sort your super by making one simple phone call. And in most cases, your accounts will be combined in as little as three days.

Call our Client Services Team today on 1300 660 027 and start organising your super.

Need advice?

Discover the difference expert advice can make to your super and retirement options.

As a VISSF member, you can now access an extensive range of advice services. A qualified financial planner from our Advice Team can help you answer single questions like:

  • Do I have enough money to retire?
  • How much money do I need to retire?
  • How long will my money last?
  • Which investment option is right for me?
  • Should I salary sacrifice?
  • Should I consolidate my super? How?
  • Do I have enough insurance cover to protect myself and my family?

You can also access simple retirement planning advice from VISSF, including advice about:

  • Effective contribution strategies
  • How to work less and access your super to top up your income
  • How to convert your super into a regular income stream

And if you need more comprehensive financial advice, the VISSF Advice Team can arrange a face-to-face meeting with a financial planner. The first meeting is complimentary.

Call 1300 660 027 to take advantage of our new financial advice services for members.

Have any questions?

Call us: 1300 660 027

Website: www.vissf.com.au

Email: super@vissf.com.au

Click here to download this article as a PDF Fact Sheet.

This fact sheet is issued by the Trustee of The Victorian Independent Schools Superannuation Fund (ABN 37 024 873 660, RSE Registration number R1000436, MySuper Authorisation 37024873660599) VIS Nominees Pty Ltd (ABN 11 006 586 367 Australian Financial Services Licence number 235097. Registrable Superannuation Entity Licence number L0000321). It contains general advice only. In preparing this fact sheet, the Trustee has not taken into account your objectives, financial circumstances or needs. Before making any financial decisions, you should consider your personal circumstances and seek appropriate independent advice. The individual case study samples are for illustrative purposes only.

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